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March 23, 2024
Question

Why is there not a category label called 'inventory' or 'merchandise'?

  • March 23, 2024
  • 1 reply
  • 0 views
If this is supposed to be a program to help with businesses there should be a category called inventory or merchandise. Or at least let there be a way to create a new category. I do not have the ability to do this and for the fee I am paying monthly for this system I should be able to customize this the way I need in order to keep things organized so I'm not scrambling to clarify  things with my financial advisor.

1 reply

March 23, 2024

I understand the importance of having the specific inventory in your account, tegirt

 

In QuickBooks Self-Employed (QBSE), you can normally select a category from the Transactions menu. However, if you wish to choose a specific category label, you'll need to check first if you have the Labs option within your account. 

 

If you have access to the Labs feature, it is now possible to create a custom category that aligns with your reference. Please know that this feature is still in the beta phase and may not be available to all users.

 

Here's how: 

 

  1. Go to the Gear icon located at the upper left right beside your Tax checklist option. 
  2. Under the Tools column, click the Labs option. 
  3. Press the Turn it on for you to create your category. 
  4. Click the Business Categories dropdown for you to see and manage your custom category. 
  5. You can click each dropdown for you to add a custom category. 
  6. To delete a custom category, you can click the Bin icon under the Hide All columns. 
  7. Under the Tax category dropdown, you can choose according to your preferences. 
  8. Once you're done, you can click Save

 

To learn more about the Schedule C categories and how to categorize transactions, you can access this material: Schedule C and expense categories in QuickBooks Solopreneur and QuickBooks Self-Employed

 

After choosing the right category, you can now categorize your transaction so that everything will be organized. 

 

I'll be here to help you if you need some guidance as you add your preferred category.